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Here’s what you need to know
Disney announced massive layoffs at its theme parks. Prolonged closures of the company’s California locations combined with limited capacity at Disney’s theme parks in Florida, Paris, Shanghai, Japan, and Hong Kong add up to 28,000 layoffs at the house of mouse.
The leader of Kuwait has died. Emir sheik Sabah al-Ahmad al-Sabah, who was 91, ruled as a staunch US ally and promoter of Arab unity. His brother, crown prince sheik Nawaf al-Ahmad al-Sabah, will be sworn in as his successor today.
India’s vice president tested positive for Covid-19. Venkaiah Naidu, who is asymptomatic, discovered he had the virus following a routine test. Separately, Amnesty International has suspended its operations in the country after its bank accounts were frozen. The NGO alleges the government is staging a “witch hunt” against human rights organizations.
Tencent is taking Sogou private. The $3.5 billion deal for the US-listed Chinese search engine comes days after Weibo’s parent company announced that it would also be privatizing the social media platform. Meanwhile, Jack Ma will leave Alibaba’s board at the company’s shareholders meeting today, and the CEO of Hong Kong’s stock exchange will depart at the end of the year.
Big news about small nuclear reactors. Scientists at the Massachusetts Institute of Technology presented evidence their small fusion reactor should work. Meanwhile, two cities in Utah backed out of a nuclear plant pilot by NuScale, but the small nuclear reactor startup won US approval to use components from South Korea’s Doosan Heavy Industries & Construction.
JPMorgan Chase agreed to pay a record fine. The $920 million penalty resulted from an investigation into the bank’s role in manipulating the global metal and US Treasurys markets dating back to 2010.
The US presidential debate
The first of three scheduled debates between US president Donald Trump and former vice president Joe Biden is about to begin. The candidates are expected to cover a range of domestic topics including coronavirus relief and racial justice during the 90-minute event. Here’s what we’ll be tracking:
🛂 Immigration: Between 2016 and 2019, the number of immigrants who became US permanent residents declined 13%. These are the countries with the biggest immigration gains and losses under Trump.
📈 Wall Street: While traders have upped their bets on a contested election, financial instruments linked to swings in US stock prices reveal an expectation the election will be resolved by Inauguration Day.
🇺🇸 Precedent: Presidential debates are a showcase event of the US election cycle, commanding live coverage around the world and much political analysis, but they have little impact on election outcomes.
👟 Running mates: Though she won’t be on the stage tonight—the vice presidential debate is scheduled for Oct. 7—Kamala Harris needs to go beyond flaunting her Indian heritage to woo American desis.
Charting Taiwan’s resilient economy
Covid-19 has barely impacted Taiwan’s economy. Instead, it’s benefiting from the demand for technology that powers 5G servers and artificial intelligence— industries that have been turbocharged by home-schooling and work-from-home trends around the world. “Taiwan stands out for its scant evidence that a global pandemic has even occurred,” JPMorgan economists recently wrote.
ADVICE FROM GLOBAL LEADERS
For our field guide on borderless teams we asked experts and leaders about the elements of global teams that, when managed well, can be instructive for leaders of remote teams of all sizes. Here are their pointers:
- Embrace different perspectives: For global teams, differences—in culture, experience, technical competencies, and time zones—are considered a strength.
- Build trust quickly: Global leaders facilitate connections between the people they manage. These bonds, even if they are fragile, will determine how a team manages stress.
- Consider power dynamics: They can play out in a variety of ways—from the technology and platform that is selected by a team leader, to the way meetings are run.
- Revisit your team’s purpose: Teams that work together over long periods without face-to-face interaction should regularly check in about their purpose and framework.
- Evolve structure to be flexible: Global teams thrive on structure and stable work flows, which set the foundation for them to be adaptable.
Discover more advice from Nasdaq executives, to pharmaceutical leaders, to NASA directors, and more in our latest field guide to virtual, borderless teams.
✦ Our best piece of advice is to become a Quartz member today. You’ll get a paywall-free experience, plus member exclusives like our field guides, presentations, events, and more.
Obsession interlude: Borders
At the beginning of the year, the US government was waging an anti-immigration campaign to dissuade people from moving to the US. But with the failure to contain coronavirus, its wish has been granted: Covid-19 has created an invisible wall around the country that not only limits access, but prevents most escapes. Only a handful of countries accept American travelers, and European citizens wishing to return home are forced to undergo a strict health screening.
Jumbo jets are taking off all but empty, and bizarre rules—such as banning loose items of clothing from overhead compartments—are typical of the haphazard and unstrategic US response to the pandemic.
Let’s discuss company culture
What happens to workplace culture when the office goes remote? Register for our free virtual workshop on Thurs. Oct. 1 from 11am-12pm ET to learn how you can nurture your company’s culture in quarantine. Company culture is more than just the activities that bring employees together inside the office. Our workshop will help you redefine what company culture means for your organization and provide advice on how to build it.
Surprising discoveries
Your honey is probably fake. “Honey launderers” dilute real honey with syrup, or chemically modify syrup to make it look like the real thing.
How does a Martian massage sound? Researchers found evidence of a spa-like network of salty ponds alongside an underground lake.
An American original was a copycat. Several of Edward Hopper’s early works have been discovered to be reproductions.
A fugitive CEO wants to “bring back trust.” After fleeing Japan over fraud charges, Carlos Ghosn wants to impart lessons learned at Nissan to his home country of Lebanon.
Queer people are more likely to get migraines. The severe headaches could be the result of added stress or inadequate healthcare.
Our best wishes for a productive day. Please send any news, comments, pots of honey, and extra strength aspirin to hi@qz.com. Get the most out of Quartz by downloading our iOS app and becoming a member. Today’s Daily Brief was brought to you by Liz Webber, Annalisa Merelli, Jackie Bischof, and Max Lockie